Proposed Changes to New York Law Would Make Wall Street More Accountable
Wall Street may face a wave of lawsuits under an expanded version of the Martin Act, New York’s securities anti-fraud statute, if the newly elected Governor of New York has his way, according to a Wall...
View ArticleWall Street Whistleblower Program Already Paying Off
The new whistleblower program that pays big cash rewards for tips about investment fraud has already resulted in a large number of high quality tips to the SEC, according to a news story this week on...
View ArticleVictims of Investment Malpractice or Other Financial Misconduct During the...
If you are an investor who lost money in the financial crisis, your stockbroker or investment advisor may owe you money. There are a variety of legal claims that can be brought for investment...
View ArticleAre Brokerage Firms Really the Trusted Financial Advisers that Their...
Expecting licensed professionals who provide investment advice to act in their clients’ best interests “should be a basic tenet of the business,” but brokerage firms and their brokers don’t want that...
View ArticleLPL Fined for Selling Unsuitable Alternative Investments to Seniors
LPL Financial LLC was fined $100,000 by the Oregon Department of Consumer and Business Services for unsuitable sales of high-risk oil and gas partnerships to clients, including many who are elderly, in...
View ArticleWill Alternative Investments Fuel the Next Financial Debacle?
Investors are being sold more and more alternative investments and large broker-dealers are ramping up to supply that demand, according to the Wall Street Journal (“Alternatives Get a Boost”). The...
View ArticleToday’s ‘Alternative Investments’ Resemble ‘Limited Partnerships’ of the Past
Wall Street’s recent promotion of alternative investments should warrant serious concern among investors. It serves as an unpleasant example of history repeating itself. In the mid-1980s, Wall Street...
View ArticleAlternative Investments Begin to Haunt LPL Financial
LPL Financial, the country’s largest independent broker-dealer, is encountering serious problems involving its sales of alternative investments. LPL is also (not coincidentally) one of the country’s...
View ArticleSEC Charges Former LPL Advisor With Fraud
On May 23, 2013, the SEC charged a former LPL Financial LLC advisor, Blake Richards, with fraud and misappropriating $2 million from at least six clients. The SEC filed the civil complaint in the U.S....
View ArticleFormer LPL Broker Jason Parker Leaves Trail Of Complaints
By law, a broker has to recommend suitable investments. To be considered suitable, an investment should align with the client’s investment objectives. Dumping all client funds into a single foreign...
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